NRUC (NRUC) issues $1.0M nine‑month Series D note at 3.62%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering $1,000,000.00 of Medium-Term Notes, Series D, with an interest rate of 3.62% per annum. The notes were priced on March 11, 2026, original issue date March 15, 2026, and mature on January 15, 2027.

The notes pay interest each January 15 and July 15 with regular record dates of January 1 and July 1. The issue price is 100% of principal and no agents' commission or redemption date is listed.

Insights

Fixed Income Structuring Analyst

Short-term note issue priced at par with a fixed coupon.

The issuance lists a principal amount of $1,000,000.00 at an 3.62% coupon, original issue date March 15, 2026, and maturity on January 15, 2027. The pricing supplement shows interest paid semiannually on January 15 and July 15.

Cash-flow treatment: proceeds to the issuer are implied by the issue price at par. Redemption mechanics show None for a redemption date; any early repayment terms would require reference to the indenture. Subsequent disclosures may provide underwriting or distribution details.

Securities Counsel Summary

Counsel opinion affirms validity subject to standard legal exceptions.

Hogan Lovells US LLP opines the notes will be valid obligations following receipt of consideration and proper issuance procedures. The opinion is qualified by insolvency, equitable principles, and applicable law of the District of Columbia and New York.

Legal limitations include bankruptcy and equitable defenses; investors should rely on the indenture and pricing supplement for procedural and enforcement specifics.

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Rule 424 (b) (3)

Registration No.: 333-275151

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Medium-Term Notes, Series D

Due Nine Months or More from Date of Issue

Trade Date			March 11, 2026
Pricing Supplement No.			10492
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			January 15, 2027
Interest Rate			3.62% per annum
Regular Record Dates			Each January 1 and July 1
Interest Payment Dates			Each January 15 and July 15
Redemption Date			None
Agents Commission			None
Form of Note: (Book-Entry or Certificated)			Certificated
Other Terms			None
Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.

Validity of the Medium-Term Note

In the opinion of Hogan Lovells US LLP, as counsel to the Company, following (i) receipt by the Company of the consideration for the notes specified in applicable resolutions of the board of directors of the Company and (ii) the due execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture and the applicable underwriting, agency or distribution agreement against payment therefor, the notes offered by this pricing supplement will constitute valid and binding obligations of the Company, subject to the effect of (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights and remedies (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent, preferential or voidable transfers), and (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive relief.

This opinion is based as to matters of law solely on applicable provisions of the following, as currently in effect: (i) the District of Columbia General Cooperative Association Act of 2010 and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated October 27, 2023, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on October 27, 2023.

FAQ

What is the principal amount and issue price for NRUC's Series D notes?

The Series D offering lists a principal amount of $1,000,000.00 issued at 100% of principal. The pricing supplement identifies the issue price and principal explicitly in the cover table.

When do NRUC Series D notes pay interest and at what rate?

Interest is paid semiannually on January 15 and July 15 at a stated rate of 3.62% per annum. Regular record dates are January 1 and July 1 for interest eligibility.

What are the important dates for NRUC's Series D issuance?

Key dates: trade date March 11, 2026, original issue date March 15, 2026, and maturity date January 15, 2027. These dates are listed in the pricing supplement's table.

Is there a redemption date or agents' commission for these notes?

The pricing supplement shows Redemption Date: None and Agents Commission: None. Any future redemption rights would be governed by the indenture and supplement disclosures.

Who provided the legal opinion on the validity of the notes?

Hogan Lovells US LLP provided the legal opinion, stating the notes will be valid obligations subject to bankruptcy, equitable defenses, and laws of the District of Columbia and New York.